Soybeans close down 9¢. Monday, July 29, 2024

December corn ended the day up 2¼¢.

November soybeans closed down 9¢.

All three September wheat contracts closed higher. CBOT wheat ended the day up 7½¢. KC wheat was up 8¢ at the close. Minneapolis wheat was up 3¢.

The weekly USDA Crop Progress report is expected to be released at 3 p.m. CT this afternoon.

Corn and soybean Good/Excellent ratings are expected to decrease one percentage point each to 66% and 67%, respectively, says Nick Paumen, commodity broker with CHS Hedging. Spring wheat ratings are expected to be down two percentage points to 75%, he added, and winter wheat harvest should be 83% complete vs. 76% last week.

October live cattle ended the day down $1.75. August feeder cattle were down $3.28 at the close. October lean hogs closed down $3.38.

September crude oil is currently down $1.28.

September S&P 500 futures are currently up 15 points. September Dow futures are up 19 points.

Published: 2:55 p.m. CT

Soybeans start week down 24¢: 10:18 a.m. CT

December corn is down 1¾¢ this morning.

November soybeans are down 24¾¢.

September wheat contracts are mixed. CBOT wheat is up 3¾¢. KC wheat is up 5¢. Minneapolis wheat is unchanged.

This morning several experts cited the weather as a pressure source when discussing trade on Friday and overnight.

“Friday’s markets started lower, as forecasters changed their tune on Midwest weather, believing that high pressure bringing intense heat to the center of the country would revert back west after a brief bout with heat and dryness,” says Arlan Suderman, chief commodities economist for StoneX. “That still appears to be the case this morning as well, with forecasters expecting improving rain chances this week for the eastern 80% of the belt, with the western 20% seeing improving chances in the 11- to 15-day period.”

Something to watch today is the crop condition ratings in the USDA Crop Progress report, expected at 3 p.m. CT. The Grain Market Insider newsletter notes: “While the central Corn Belt has been in very good shape, states on the fringe have struggled more with weather. The upcoming heat is slated to [affect] Kansas, Nebraska, and South Dakota most significantly.”

October live cattle are down 78¢ this morning. August feeder cattle are down $2.15. October lean hogs are down $3.58.

September crude oil is down $1.38.

The U.S. Dollar Index September contract is up to 104.37.

September S&P 500 futures are down five points. September Dow futures are down 139 points.

Tags: lean hogs, corn, soybeans, wheat, futures, live cattle, feeder cattle